Today is all about Cardano ($ADA)!
Trading on Coinbase Pro starts at 9AM PST (12PM EST) from there this could be very wild ride to the top. There is some analysis out there that shows a possible run up to $3.50. But to be realistic, there is also analysis out there that shows it could only go to at most $1.86. Both projections were based on the last two coins to be listed on Coinbase Pro.
The US10Y Treasury yield is now at a whopping 1.74% as of this writing. Rising treasury yields are a headwind to crypto. They rise, but they just rise slower with more retracements.
Fed Chairman J. Powell gave the market the news it wanted to hear (to no one’s surprise), they are going to keep the ZIRP Fed Funds Rate in effect. The big question is how high they will allow the yield to rise before implementing YCC? I’d love to take them at their word and say they are not going to do YCC at all, however I can’t fathom a scenario where a big investment firm starts to collapse and they do nothing or equities take a nose dive and they do nothing. I just don’t have the faith in them that they can channel their inner Stoic and do the right thing and allow a correction in the face of so much pressure to do the wrong thing. But maybe Powell and Yellen are stronger than The Bernake and Pulson. But I’m not betting on it.
What a stinker of a day! My expectation of $2+ was completely blown out of the water. It DROPPED 10%+ back down to $1.22 from a high of $1.47. Thankfully I did not go ALL in and am now just waiting for it to turn around. I think once it Cardano lists on the coinbase.com app, retail will show up which should drive the price up.
Without fail, every single person that is new to crypto who starts asking me about it, 100% of them ask me how to get Cardano.
Let’s hope for a rebound soon.